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It's a Painful Day': Crypto Crash Roils Social Media

Comments on Twitter and Reddit heat up as cryptocurrency prices continue to tumble.
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What us, panic?

Cryptocurrency flame-out ignited a range of reactions on social media Friday, including concern, bravado and cynicism.

Bitcoin, the world’s most known and traded digital token, tumbled following Thursday's rejection of a Bitcion ETF from Skybridge by the Securities and Exchange Commission and plans by the Russian government to ban the use and mining of all cryptocurrencies.

The Bearish Trend Remains Intact

Bitcoin, which has now lost more than 40% of its value since touching nearly $70,000 in November, was down 11.2% to $37,924 at last check.

"The chart appears bearish upon first inspection," said Richard Snow, analyst at DailyFX. "The largely talked about ‘death cross’ has come into fruition as prices broke 40k with the nearest level of support at 37,325 with little in the way before the psychological 30,000 level; followed by the key zone of support around 29,000.

While the posture of the market appears bearish, Snow added, the Moving Average Convergence/Divergence indicator (MACD) "reveals less momentum in the latest decline compared to the prior test of 40k."

"Additionally, the RSI has just entered oversold territory suggesting a pullback may be due in the coming days," Snow said. "That being said, the current bearish trend remains intact until proven otherwise."

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Many People 'Just Got Poorer'

"The cryptocurrency market has seen a dramatic crash, wiping 9 per cent off the market," one commenter said on Twitter. "Bitcoin was down by 8.8 per cent over the last 24 hours. Many other coins suffered even more, with ethereum falling 11.1 per cent. Many idiots just got poorer."

"So every time cryptocurrency dips it’s a crash and every time Wall Street shits the bed it’s an opportunity," another person tweeted. "Gotcha."

One commenter said he didn't know much about economics, "but it seems to me we’re headed into a big devaluation of either cryptocurrency, or regular currency, but either way this economy based on unicorn fairydust blockchain will crash."

"I'm thankful this crash hasn't even been a blip on my vast (nonexistent) crypto-currency holdings," another person declared.

Over on Reddit, a poster posed the question "if this isn't a bear market, what is a bear market?"

"Bear is when people are fearful and numbers go down," the poster said. "But people here keep saying we are not in a bear market. When the market goes down everyday for months, what is it then?"

"It's not a bear market until the suicide hotline is pinned to the top of most crypto subreddits," one person responded.